Brent crude has reversed earlier gains to trade lower today amid weaker risk appetite as market focus remains on Thursday’s delayed OPEC+ meeting. Softer-than-expected industrial profits in China pointed to struggling demand to weigh on commodities.

Brent JAN 24 down -1.2% at 79.63$/bbl
WTI JAN 24 down -1.3% at 74.55$/bbl
WTI-Brent down -0.04$/bbl at -5.08$/bbl

The OPEC+ meeting is scheduled for 1PM GMT (8AM ET) Thursday according to a draft agenda seen by Reuters.
OPEC+ has still not reached an agreement on Nigeria/Angola production quotas for 2024 according to Chief OPEC correspondent Amena Bakr on X.
China’s industrial profits were 2.7% y/y in October, positive but well off recent highs (17.2% in August).
Calendar: The delayed commitments of traders reports are due for release after the close today at 18:30GMT. The Jan24 Brent options expire against the 19:30BST futures close price today with the main strike of note around the current market at 80$/bbl.
Shipping risks in the Middle East remain high with reports of a chemical tanker being boarded by Houthi rebels yesterday.
Oil loadings from the CPC terminal on the Black Sea temporarily halted due to a storm alert, the operator said in a statement Monday morning. This was shortly followed by a statement from Transneft that loadings have stopped at the port of Novorossiysk.
Kazakhstan’s oil and gas condensate production declined November 26 to 214,500 tonnes according to the Energy Ministry.
Crude oil held around the world on tankers that have been stationary for at least seven days fell to 86.52m bbl as of 24 November, down by 2.9% from the week prior, Vortexa data show.
China has issued an additional 3m tonnes of fuel oil imports quotas for non state firms according to the Ministry of Commerce.
Phillips 66 began the restart of several units at the Borger refinery in Texas on 26 November according to the Texas Commission on Environmental Quality.
PetroIneos has reported an FCC fault at its Lavera refinery, France resulting in flaring this morning according to Bloomberg.
- US gasoline crack up 0.2$/bbl at 14.77$/bbl
- US ULSD crack up 0.2$/bbl at 41.08$/bbl

OIL: Mid-Day Oil Summary: Crude Retreats

Last updated at:Nov-27 11:56By: Felicia Grosse

Brent JAN 24 down -1.2% at 79.63$/bbl
WTI JAN 24 down -1.3% at 74.55$/bbl
WTI-Brent down -0.04$/bbl at -5.08$/bbl

The OPEC+ meeting is scheduled for 1PM GMT (8AM ET) Thursday according to a draft agenda seen by Reuters.
OPEC+ has still not reached an agreement on Nigeria/Angola production quotas for 2024 according to Chief OPEC correspondent Amena Bakr on X.
China’s industrial profits were 2.7% y/y in October, positive but well off recent highs (17.2% in August).
Calendar: The delayed commitments of traders reports are due for release after the close today at 18:30GMT. The Jan24 Brent options expire against the 19:30BST futures close price today with the main strike of note around the current market at 80$/bbl.
Shipping risks in the Middle East remain high with reports of a chemical tanker being boarded by Houthi rebels yesterday.
Oil loadings from the CPC terminal on the Black Sea temporarily halted due to a storm alert, the operator said in a statement Monday morning. This was shortly followed by a statement from Transneft that loadings have stopped at the port of Novorossiysk.
Kazakhstan’s oil and gas condensate production declined November 26 to 214,500 tonnes according to the Energy Ministry.
Crude oil held around the world on tankers that have been stationary for at least seven days fell to 86.52m bbl as of 24 November, down by 2.9% from the week prior, Vortexa data show.
China has issued an additional 3m tonnes of fuel oil imports quotas for non state firms according to the Ministry of Commerce.
Phillips 66 began the restart of several units at the Borger refinery in Texas on 26 November according to the Texas Commission on Environmental Quality.
PetroIneos has reported an FCC fault at its Lavera refinery, France resulting in flaring this morning according to Bloomberg.
- US gasoline crack up 0.2$/bbl at 14.77$/bbl
- US ULSD crack up 0.2$/bbl at 41.08$/bbl

OIL: Mid-Day Oil Summary: Crude Retreats

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